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MONEY With Melissa Francis

News/Business. Melissa Francis with a breakdown of the day's top stories and their impact on the American Taxpayer.

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01:00:00

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Virtual Ch. 130 (Fox Business)

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mpeg2video

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ac3

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480

TOPIC FREQUENCY

Us 10, Iran 6, Sandy 5, U.s. 5, Harry Reid 4, Washington 3, California 2, Eastern Seaboard 2, Katrina 2, Israel 2, Robert Gray 2, Hawaii 2, Texting 2, Obama 2, Umc 2, United States 2, Nick 2, Romney 2, Poland 1, Usike 1,
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  FOX Business    MONEY With Melissa Francis    News/Business. Melissa Francis with a breakdown of the  
   day's top stories and their impact on the American Taxpayer.  

    October 27, 2012
    12:00 - 1:00am EDT  

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liz: "money" with melissa is next. melissa: i'm melissa francis. here is what is "money" tonight. brace yourselves. the fraken storm could be the worst storm to hit the east coast in one years. some of the country's largest oil refineries lie in its path. how this could soak you to the bone and at the pump too. we have the details. a government aud slams half a billion dollars in stimulus for green jobs. i say our government dollars are wasted but of course there is somebody to disagree with me. >> bakthrough in video messaging hopes to be the next big thing. entrepreneur behind the game changing technology is here to explain. even when they say it's not it is always about money messa: so first let's take a look at the day's maet
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headlines. a rough-and-tumble week for stocks ending a on a quiet note. better than expected u.s. third quarter gdp data could knot offset worries about corporate earnings the dow eked out a gain of three points. good year was one of the biggest losers wi shares tumbling more than 10%. the tire-maker missed third quarter estimates driven by weakness in europe. one bright spot was expedia. shar soared 15%. they posted strong third quarter earnings fueled by a sharp rise in hotel bookings. now to our top story. some people are calling it "frankenstorm". others call it a nor'easter-cane combination hurricane, nor'easter snowstorm or nightmare. if you live on the east coast you call it scary. hurricane sandy is making its way up the eastern seaboard. it may hit critical refineries that process 3.1 million barrels of oil per day. you know what that means. gas prices could go right back up. patrick dehaan from
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gasbuddy.com joins me with more on this one. looks like the east coast is in trouble? >> just when we see prices starting to go back down unfortunately something has to run amok. now we see hurricane sandy taking aim at 10 refineries in the eastern seaboard. the only news we can take out of this there certainly could be impact on gasoline prices on the east coast of the everybody else in the nation will ask what will happen. this is something that will probably only impact the east coast but it could be significant. we're seeing major gas station chains identify contingency plans, bring in generators so there is not as much disruption, at least to stations. melissa: so if the refineries go down, let's start there. this isn't like the california situation where they have this special boutique cocktail of gasoline only okay for california. so they don't have the gasoline and out of luck. if our refineries don't work we can bring gasoline from elsewhere but that passes
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along a crunn the gas hike at least to our neighbors, right? >> that's right. only good news for the east coast, e lien can come from the gulf coast up the colonial pipeline. about the biggest impact we could expect is flood damage. that is the one sign, hurricane sandy doesn't appear to be, you know, strong than a category 1 at landfall. so it is not necessarily the wind but perhaps flooding will do in some of these refineries. we'll have to keep a close eye on itut there is some potential for the east coast to see some sort of price increase. the only thing here the storm will come in over the weekend. we really won't see gasoline prices shoot up until perhaps early next week when we start to see what the damage is that is being left behind. melissa: theuge bummer,we just had a huge decline in futures. we saw 10 days in a row where futures declined for gasoline. this is a record from the time they started trading futures that hadn't happened before. this put a bottom underneath that and sent them back. really drivers were in for
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something good and now we sort of traded it away? >> that seems to be the karma we have all year. whenever we see a nice wnturn we see prices go right back up. it is not too surprising to see the rebound, even without hurricane sandy. we've seen such a tremendous drop in futures. melissa: why? why was that? why was that big decline there? >> well a lot of it simply the shift to fall. speculators just getting out of the market. we're seeing cftc numbers show liquidating positions and getting out, perhaps putting money into diesel and heating oil because galine's peak consumption season is over. you know, there is limited bullish side to gasoline right now. melissa: so could we see, i mean i this is the "frankenstorm" we're all waiting for, i was on the floor of new york mcantile exchange when katrina came along and i saw prices explode and that was really tough. could we see something like that again? >> just like everybody has been saying at least all the
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forecasters, we haven't seen a storm run this pattern this late, this expected path. it will be very interesting to see what plays out. how much damage there is. the storm may come in during high tide. we'll have to see what the implications are. we'll beatching the refineries specifically. melissa: yeah. >> what damage happens. i certaiy don't expect that we'll see the implications we did with hurricane katrina because, quite frankly the east coast is not the refining mecca. it is not the oil producing mea that the gulf was but there certainly could still bempacts nonetheless. melissa: here is what i care about. i'm driving home from work today. should i fillp today? should it get worse over the weekend? should i wait until next week? what is my play here? >> well, you know, playing it before the storm comes would be wise. not necessarily going to be a huge increase in price. in fact if everybody goes out into thinking like you and puts a run on the pumps that could do more damage. that could be a artificial spike. melissa: right. >> i wld see how it goes. stations have contingency
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plans. i don't think itill be the end of the world. we may lose one or two refineries temporarily to flooding. i wouldget a few gaons, what you need for the time-being. if everybody does the same thing and fill up it would be much worse than i would be otherwise. melissa: patricc thanks very much. i will go to your weite where i get the cheapest gas. gas buddy.com. that is awesome. thanks for coming on. here is the question of the day. are you scared of the impending storm as well tell you to be we like to hear what you think. facebook.com/melissafrancisfox and join me on twitwer, at melissaafrancis. feel fre to tell us we're overreacting. senate majority harry reid in the hospital after a car accident. robert gray has the details. >> that'right. it was a six-car accident. harry reid is at umc hospital in las vegas after his caravan in a six-car accident. the senate majority leader,
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there is no word yet on injuries with him or anyone else traveling in the caravan and his party. he is in the hospital. no word on injuries. we're awaiting details to come to us out of las vegas. he is at the umc hospital in vegas. car accident. no word on injuries. we kw six cars were involved. we don't know if entire caravan or par of six cars. more details as they emerge on this developing story. melissa: robert gray. thanks so much for that. turning to the economy third quarter gdp came in at 2% today. not great. better than the sat 1.3% growth rate last quarter but a new survey of economists says there is still no light at the end of the tunnel. if automatic spending cuts kick in it could cost the economy $100 billion. it gets worse though. they say the t hikes that could come are twice as big of a problem. they would cost $200 billion. my favorite economist peter morici is here to
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commiserate with me over this one. this report is staggering. i like it though i have to say when somebody goes out and quantify the impact of these things because i don't want emotion. i want to focus in on the numbers. so let's do that. $200 billion out of the prate sector if the bush tax cuts go away. 100 billion of government spending that would stop under the sequestration. do those numbers sound about right to you and is there a multiplier at work here? does it matter more if you take money away from the consumer in forms of evaporating tax cuts or the government spending? >> well i don't know that it matters more over the period of a couple of years but the immediate effect is that the tax increases will take effect. and people have to pay the tass and spending will go down. i don't know that sequestration will click in as quickly as people say. there will be a reduction in ending over the course of the year but i don't know that it will happen as qukly. there is a real danger the tax increase could throw us right into recession.
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melissa: right. you yank $200 billion out of the hand of the private ctor, what does that immediately do to gdp? at's what we're talking abt here today. we're talking abou the gdp number. this would be just taking a hammer to that. >> it would be 350 billion. good for about 2%. it would happen pretty quickly. as a consequence we would likely see a recession. if mr. obama gets reelected and tre's a stalemate because he wins an electoral majority, electoral college majority and not electoral majority and stalemate with the republican house, we could see the stalemate cause the mother of all recessions, a recession we don't recover from and that we call in economics depression. melissa: you sa it would take two% away from gdp if tax cuts expire. we heard gdp is growing at 2%. that would take us to zero. a bunch of economists got together and say if you
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couple that with sequestration thing that would be 3.6 to 5.2% decline in gdp. that would be deep into negative territory, right? >> absolutely. and you must remember that if you're at 2% growth and get down to like a half, it is really not sustainable. melissa: no. >> because it is like a man riding on a bicycle. it is so slow he falls off. we're growing as slow as we can get away with without tumbling down. melissa: that 2% today that was better thaexpected is actually horrible because we continued at this rate, it would take usike, seven, eight, nine, years to add back jobs to get to the last administration's low unemployment rate of four or 5%, right? it would literally take six or seven, eight years. >> it would take at least that long especially longer. i expect people to get off the bench to start looking for work again. put this inerspective. ronald reagan inherited a mess too. dole-digit inflation. double-digit interest rates.
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ratcheting high oil prices. unemployment for him peaked at 10.8%. at this point when he was running for re-election in the third quarter, he had his recovery going better than 6%. he had the economy growing three times a fast as mr. obama. the important message here it doesn't have to be this way. it is bad stewardship. it is just lousy leadership and policies that are essentially supportering growth. melissa: yeah, so true. peter, you're so smart. thank you for coming on the show. we appreciate it. >> see you again soon. melissa: time now for today's el gauge report breaking down the biggest headlines affecting the energy industry and their impact on the economy. hurricane sandy gave oil price as boost. crude settled up 23 cents at 86.28 a barrel. that is still 4% decline on the week. meanwhile natural gas futures fell in anticipation of the supe storm. that is because concerns over power and refinery outables helped lower the outlook for demand. this one is absolutely
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nuts. german windmills are putting central your peep power grids at risk of blackouts. there is so much electricity being generated, the grids are being pushed to their breaking point. the czech republic an poland are threatening to cut off shared power lin in germany if the electricity bottleneck is not resolved. how crazy is that? breaking news we have upte on senate majority leader harry reid in a car accident. back torobert gray with more details. >> fox news saying senior senate sources, reid, walked into the hospital under his own power and is now being checked out. his caravan was in a six car pileup in las vegas. was taken to ucm hospital there. sources telling fox news it is unsure about other injuries that may have occurred. you're looking at live pictures of the crash there in las vegas courtesy of kvvu. unsure about the injuries
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but at least six ca involved in th pileup here. a senior senateource telling fox news harry reid walked into the hospital under his own power and is being checked out. part of a six-car pileup. his caravan part of this in las vegas. he is in stable condition. sources say he walked in under his own volition and under his own power. secret service locked down the trauma center at university medical center in las vegas. melissa: robert gray, thank you so much for that. >> you're welcome. melissa:here are new report that is one on one negotiations between the u.s. and iran could begin after the election, despite white house denials now. would it stop iran from getting a nuclear bomb? we have got detai on that coming up next. plus surprise, surprise. a government audit find half a billion dollars of stimulus for grn jobs doesn't pay. one of the program's supporters says it is still worth it. i say he's nuts.
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he is is here to disagree with me. more "money" coming up. snost ♪
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melissa: iran's nuclear program taking center stage. word i the u.s. is to ha one-on-one meetings with iran after the election. my next guest says we have tonegotiate with iran before going to war. joining us in an exclusive interview, nick burns former undersecretary of state for political affairs and professor at harvard kennedy school of government. great to have you back on the show. let's get right to it. this all stems from a report in the "new york times" that talked about the administration saying that they had set up one-on-one negotiations or meetings with iran. they then later came back out, they had a spokesman come out and deny it. there has been sort of a back and forth what is going on here. first of all from your own knowledge and your own time in washington does this seem reasonable this could happen? >> well, remember that it was the policy of the george w. bush administration to seek negotiations with iran in the second term and president bush and president obama have had a very,
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policies very close to each other. we, both administrations wanted to deny iran a nuclear weapon. both have been willing to negotiate with iran but iran hasn't been open to that. both administrations sanction iran and threatened the use of military force should that be necessary. i think that is the proper policy. so i think there is large-scale agreement in washington that that should be the construct. if president ama is reelected or if governor romney wins the eltion, i would think it does make sense for us to have negotiations with iran. we certainly have the time and space available to do that. negotiations don't mean at all that you give away the store. negotiations mean that you try to stop them from building a nuclear weapon but try to do it by peaceful diplomatic means with a threat of force behin you. if negotiations don't succeed you always have that option of force. melissa: yeah. >> so i think it does make sense we would try to negotiate. melissa: if they pomise to sit down one-on-one and talk
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that is always a chance of a stalling tactic. you keep a date and exactly do what you're doi and in essence we lose time, right? >> not necessarily, no because the international atomic energy agency is inspecting the iranian nuclear enrichment plants. we have a pretty good idea what is happening in iran and there is really nobody in washington saying we should use force right now. i'm not aware of a single politician in the democratic or republican parties who believe we should go to war with iran. if we do have the tile seems to make sense there is way to resolve this through intimidation of iran, effect of the sanctions. their currency lost eight 80% of its value over the last year. negotiations would have a credibility and would strengthen the position of the unit states. if the iranians seem to be stalling we could lift simply at the table. i dot see the downside. melissa: you say if we have the time, but do we? benjamin netanyahu standing
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up there saying we only have until next summer. people have putdifferent time lines and different periods. seems like we've been talking about it for so long we have to be running out of time at this point? >> no. i would think most people would say we're not running out of time. not an indefinite amount of time but the iaea reports that are public state that iran is making prress but is not close to a nuclear weapon. the israeli government, prime minister as you said, announced for the time-being israel is not going to take action. melissa: yeah. >> that israel's red line will be moved to sometime in mid 201. there is certainly time for president obama or governor romney should he be elected to choose diplomacy. that is in the american traditioof course. we are a country that wants to see if it is possible to resolve problems peacefully but before we resort to war. melissa: nick, let me ask you, if we sit down to make a table and make a deal and they're willing to stop what
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are we giving them? is it just money? >> obviously the negotiation will about limiting iran's ability to enrich uranium. making sure iran can not enrich uranium at weapons-grade and be in a position --. melissa: in exchange for what though? what are we giving them? >> that remains to be seen because we have not had a netive to speak of on this issue. melissa: what would you give them? >> it is very difficult, until you sit down at the table with the iranians. knoll u know what the parameters are of the discussion it would be inappropriate or unreal listic to say what you give them. by definition any negotiation will be some type of compromise. that is what negotiations are. president bush was willing to have those negotiations as is president obama but we really can't say what the uned states should offer. i would not recommend the united states make unilateral concessions until we know and test whether iran is serious and we don't
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know that right now. melissa: nick, thank for coming on the show. have a great weekend. thank you. >> thank you very much. melissa: next on "money", a government audit trashes half a billion dollars worth of stimulus for green jobs. i would say our tax dollars are up in smoke but one of the program's supporters i here to disagree with me. a break-through type of video messaging that hopes to give texting a run for its money. the entrepreneur behind it joins me exclusively how he plans to pull it off. do you ever have too much money or too many texts? ♪ .
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melissa: unless you live under a rock you know we need me jo in this country and fast. we all know the president loves grope jobs and why not? the brand new report from
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the labor department shows that $500 million in stimulus fund have been totally wasted on the government's green jobs training act. he is laughing already next to me. i can't take it anymore. i don't want to divert another dollar to this nonsense. chris hahn, who is already laughing a democratic strategist and fox news contributor and he's here to disagree with me. >> as hard as that is for me to do i will disagree. melissa: this came out during the day and i was on the air at the time and fell off my chair onto the ground because the stats are just staggering. only 38% of the people who were in this program even got a job. 52% already had jobs. >> right. melissa: before they started, i'm kind of wondering about that. seems like peel had a job and went into the program and they didn't have a job afterwards but that math. 16%, it only placed 16 in jobs that l lasts more than six months. >> well look --, these
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programs don't always work it the way we want to and say throw them out and not ever have training programs. green jobs are waves of the future. i applaud 52% had jobs and maybe coal mirs and worry about the coal industry bebecause it is from the 18th century. time for us to move on and develop new jobs an train people to do that. the problem with our economy, you know this better than anybody, melissa, people are living in the economy of the past and we need to move them to the economy of future and do that now in the present. so these programs are very important. melissa: here is the problem, we're broke!. >> no, we're not. melissa: we have a 16 droll trillion deficit. we can't throw a way half a billn dollars on a prram that has 16% of workers in a job six mont late if i ran a company with a 16% success rate, i would be out on the street with all of my, and i'm paying for this. you're paying for this. these are tax dollars! this is horrible!. >> 16% success rate is very
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poor. melissa: it is horrendous. >> this isthe first effort. look, we've done stimulus programs in other industries to get them going in the past, oil, gas, telephones, internet. we've done all these things. we'll have to do this to get the green jobs industry going. we have to start thinki about renewables and so we're not sending our bys and women over to the middle east to fight for oil. melissa: bain capital buys a company, and 16% of the people are employed six months later what do you guys say about bain capital. >> 20% of the companies they invested in went bankru. 8%. grope jobs. melissa:hat means 78% companies in business. 78 versus 16. >> we talk about solyndra like end of the world. melissa: i'm talking about this program. >> 92% of the green energy jobs program are still going today. melissa: we're not talking about. this jobs program is disaster. >> i can't argue the record is not stellar. i doesn't want to throw out
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the baby with the bath water. we need more programs better conceived. meliss me progrs like this? seems like they were training for all the wrong stuff. if they're sitting there training and people aren't working maybe a program way ahead of its time. maybe picking wrong people. ybe training for the wrong job, whatever it was it doesn't work and all the money is gone. by the way, 84% of the people in the training ogram were men. what is up with that? >> i don't like that. i thinkoman already had training. they were ready to go. part of it the economy itself, it is not moving and growing at they need to grow at. maybe job are not being created. governments are afrid to take risks on green energy because they don't want to ise energy rates in bad economy. melissa: that means you're admitting greeener is lot more expensive? they don't want to waste the energy. they can't afford to do it right now? >> until you get technology up to where it is efficient. melissa: no we shouldn't be doing it. >> no, we should do it. we make investments like oil
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gas and electricity. in early days of electricity no way your energy bill paid fowhat you were getting in your house. in early days of telephones it did not rk out that way either. government got in there and subsidized industries. we can't live without them. melissa: i will give you last word because you got horribly beaten. yes, i'm the judge and jury. you got crushed. >> but i did disagree with you. melissa: you did and great sport and i love you for it. you are fantastic. we'll get drinks after the show. making texting obsolete. breakthrough video technology will change the way we text forever. founder is here to explain in a fox business exclusive. plus a businessman hopes a little help will go a long way for the unemployed. how jet cleaners is helping them nail their next job interview. this a great story. the owner, who is a stand-up guy is hire to explain. "piles of money" coming up. ♪ .
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♪ . melissa: so texters everywhere listen up. a new technology could change your life. instead of taking the time out to tap out a text message there is a brand new app that lets you send a video messageust like texting. joining me live from london to discuss this breakthrough idea in a fox business exclusive is the six 3 ceo and co-founder. thanks for comin on the show. >> thank you. melissa: why would people want to do this? what is the difference between taking a video and attaching that video to a text and sending it? >> so the difference between, yeah, shooting a video and sending it on a text and e-mail, six 3 is difference between taking photo and
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attaching that to e-mail like inat that gram. we make the process easy. like a beautiful video message. moves quickly over mobile network. peeson on the other end hit reply buttonand they can create a video message and send it back. it is about making it very fun and very easy. melissa: do you envision this replacing texting is that the idea? or is it a fun thing like you do with your kids and send video to their grandparents or something? >> i generally speaking i think it will add on to ex-ting, so texting will always exist. text is great for sharing small burst of information. video messages are really great whenever your message has any emion to it. so if you're communicating with your partner or with your kids or even in a business context withyour team or with your colleagues sometimes you can say a lot in a deo message you really can't say in a text message or an e-mail. melissa: what is the reception for this been like so far? >> yeah, it's been pretty
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positive. it's a new kind of behavior. takes a people a while to get used to it. generally the reception has been really strong. we're seeing different kind of people using it in different ways. so if i can kind of relate it to the audience watching this tonight, thousands, maybe millions of americans every week are leaving home crossing the u.s. or crossing the state to go and do work and away from their families. video messages are a great way of aying in touch with home. likewise, you know, in, what is it november 7th, i guess the presidential election is coming up. millions of americans have made their minds up or not which candidate they're going to vote for. now they can post a video message to facebook and twitter to express themselves and see maybe to cop vince other people of their point of view. there are many different uses f video messages,. melissa: does it take up more bandwidth than sending a normal text? is this one of those things everybody is on mobile device surfing the web and
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all of sudden using more bandwidth and slowing things down? is that sort of the same thing? >> it uses a littleit more data than a text message the interesting thing we found, half the data people are using on cell phones is going over wi-fi for the most part. so it doesn't hit your mobile carrier, kind of data allocation. and, i guess the second piece here you don't necessarily going to send hundreds of these in a week. we see people who are relatively acti sending about a dozen video messages. that usually falls well within the limits they have for data. melissa: interesting. tim, thanks for coming on the show. good luck with this. >> great, thank you. melissa: finding a job for the unemployed is hard but the head of jet cleaners is giving them a leg up to help nail the next job interview. he is here to explain of the at the end of the day it's all about money. ♪ [ male announcer ] do you have the legal protection you need?
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[beep] [indistinct chatter]
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[kids talking at once] [speaking foreign language] [heart beating] [heartbeat continues] [faint singing] [heartbeat, music playing louder] ♪ i'm feeling better since you know me ♪ ♪ i was a lonely soul, but that's the old me... ♪
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announcer: this song was created with heartbeats of children in need. find out how it can help frontline health workers bring hope to millions of children at everybeatmatters.org. ♪ . melia: so we all know that times are tough but one owner of a new jersey dry cleaner is stepping up to help his community. the sign outside of a family-owned business says it all. if you're unemployed and you
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need an outfit cleaned for an interview we will clean it for free. talk about a stand-up y? i love this guy. alan greenberg is owner of jet cleaners and he joins me now. this is such a nice thing to do. it is so thoughtful. how do you come up with it? >> my sister lives in utah and seen another cleaner doing a similar promotion. when she brought it to my attention i thought, wow, that is a really great idea. next day i went to have the signs made. melissa: it is so smart because i know a lot of charities out there that gather clothes for people trying to get back in the workforce. >> right. melissa: but they don't think about, you go out on interview or try to find a job you have to look pressed and clean and that costs money. you charge what, like 10 to $12? >> yeah 10 to $12 what we get for suit or outfit you wear on interview. melissa: what is the response so far? how many people came in to take advantage offer. >> i'm not keeping track of the exact numbers but the
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response is great. i didn't realize how popular it was. i went to make the signs at staples because the guy would not charge me for typesetting. it was such a nice idea. people have bee calling an congratulating us saying it is aeal help. we appreciate it. and we're going to keep going as long as we can with it. melissa: how long have you been doing it? >> we've been doing it two weeks. people already are calling up, they want to make donations help with other people'sleaning. we don't want to accept donations. if you want to become a customer, that would be great. melissa: a way of donating. to the business. obviously great advertising. i know that is not why you did it. >> right. melissa: i would certainly tronize a cleaners doing something like this. have you seen a bump up in the rest of your business? >> definitely. we had people come in a tell us heard somethin about it in the media and they wanted to patronize our stores because of a nice thing we're doing. that is really good. we're happy about that. melissa: this may be one of the few times you don't mind
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copycats. it is agreat idea. i see other cleaners sort of jumping on the bandwagon. >> yeah. melissa: have you talked to folks that came in to take advantage of it? >> yeah. some people have come in and actually want to show you their unemployment card. we're not asking for any kind of proof. we don't want to put anybody on the spot or embarass anybody. so, if you want to come in and take advantage of the special, just come on in and we'llandle your clothing for you. melissa: i was going to say, obviously, you know, this is america especially in the new york area. people will take advantage of a good samaritan out there. do you worry about that? >> right from the get-go we decided we'll trust people because we don't think anybody will really, it is a difficult situation out there with unemployment and we don't think anybody will take advantage of that. so we're hoping everybody will be honest about it and help as many people as come in. melissa: you're a small business owner. whats businesslike in general? you're talking about other people out there hurting who don't have a job. dry cleaning is one of those things where when times are tough you try to get a
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couple more wares out of your fits. are times tough as well? >> we're related to the unemployment situation. a definitely a lot of cleaners have felt it. i'veeen lucky. we've been in business for a long time. we keep our costs low and do the best we can but we definitely noticed a give recognize. more people back into the workforce the better for us and everybody. melissa: right. that's a great point. thanks for coming on. thank you for doing what you' doing. it is a great idea. we really appreciate it. a great way to end our friday. >> thanks. melissa: when yard sales go wrong. one homeowner wanted to get rid of old stuff. instead he has nothing left. this insane story. we'll explain it coming up. opposite of the cleaning story. you never have too much money or generosity i think.
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♪ melissa: so it is time for a little spare change. we are joined by author and small-business experts and attorney joel jackson back with us. first up, former italian prime minister was convicted and sentenced today to four years in prison for tax fraud. can you believe it? a court ordered he and his
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co-defendants to pay almost 3 million to tax authorities. can you imagine? a former u.s. president going to jail for tax evasion? i know it's deadly, but you have the country's former leader in jail. it's amazing >> he won't do any jal. they gave him a four year sentence and suspended it and said you will get one year, but he is going to appeal. guess what else. appeals takes up much time. it will be gone. he will be out, andlife on. >> you may need to go over there and turn up some fees. that is why i did not like practicing law in this country because th judicial process is so slow. over there, that is ridiculous. honestly, power corrupts. look at our own country. the president of the united states. secretary of treasury did not pay his taxes. [talking over each other] >> forgot to pay the taxes on a private plane.
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and telling you. it's all about the scandal and the tax is right here. >> i don't know. it seems like somethi i could see appening i rhode island, t that's about it. melissa: other problems. another case. but we won't. melissa: all kinds of stuff. this next one is really crazy. a guy wanting to get rid of extra step before moving bus ads on craigslist for every yard sale. people showed up before the start time. guess what happened? broke into his house and just clean the place out. it was ransacked, and now look at this. look at this. that is all that is left. the goblins himself. agassi did not worthy and very well. >> this story. can you imagine? melissa: he said everything must go. >> a ticket literally. >> and if you have never had a wry sale, gr up in the
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midwest. people show up at your door at 6:00 a.m. hours before it is supposed to start. really down. for. >> that accounts for the stuff@ they took unset -- outside. it was a free-for-all. what i want to know is when is your house sale. >> i wonder how many people. don't hold your breath. >> it's all about doing business on craigslist, i guess. >> consult counsel before you have a sale. all right. moving on to syria boarding. every year count jocular, frank and very, and blueberry. released for the halloween season. because of limited availability people buy up to 40 boxes at a time. some people even sell it on ebay where they can charge as much as
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$7. are you kidding me? >> don't you wonder how much these people way? i was actually on a flight to hawaii couple of weeks ago and a guy had a whole bunch of count jocular taking with him to hawaii. melissa: a garage sale. >> that's what i want to know. i want someone that cereal. not only for halloween. going tohe holidays. melissa: i have an idea for the unemployed. go by this and sell it on the bay. you can make somemoney. >> that is incentive. melissa: if there is really this much demand for this definitio sell it more than halloween. i don't know. >> you get thedemand and then you don't have the supply. that is marketing. so you can't make this stuf up. melissa: a guy gets pulled over in his $430,000 lamborghini. he did not have a front license plate on his car.
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but then cops realize that he also didn't have insurance, so they gave him a ticket for $586. granted, that is a really exnsive ticket, but he said he could not afford its of the impounded star. there is some much that i don't care about this. i don't know why you pay half a million dollars for car. then you can afford a ticket or insurance? amazing. he can't pay $586. >> in his defense will say it is a beautiful car. my client, he was attracted to it, so interested in the car it not think about the insurance and a result he owes the fine. forgive him and it's all good. melissa: kiffin the car back. >> the only thing i can say is these young. come on. sell the darn car, pay the $500. >> if he downgraded even get like a bentley. melissa: dowrade to a bentley.
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>> and mercedes. aziz. it's crazy. melissa: here is a good one. according to a survey 33 percent of people will consider buying a haunted house. one-third said they needed discounts of up to 20% on the price in order toake the purchase worth it. would you guys want the haunted house? >> a couple who said they would pay more. there were people who wanted to do this. i say let's go. >> i actually bought on to the house. the house with poltergeist senate. middle treks. melissa: there you go. talk about uncertainty. when it comes to business and the economy, tom sullivan was to be sure you know what it means. >> uncertainty is the buzzword this week, and in survey after survey of big and small business is the word keeps popping up. forget about business. what about you? has it dawned on you that you don't know what your take-home pay will be in just two months? yes, we go over the fiscal cllif
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on january 1st, and your payroll tax laws umpire, your withholding will go up due to the bush tax cuts aspiring for everyone. the president regardless of the election will still be president until at least january 20th command he has already threatened to veto any effort to avoid a fiscal clef unless it has a tax increase on people making more than 250,000. now that you realize that your paycheck will be smaller right when the christmas bills come in, what are you going to do? spend the same as last year or maybe turn back? businesses are betting you will be a little more frugal and are not going to hire or expand until they know if consumer spending is going to slow. don't get me started on that uncertainty about obamacare debt your employer is also worried about. melissa: thanks. no haunted house. be sure to watch the tm sullivan show this weekend at seven and 10:00 p.m. on saturday and sunday at 7:00 a.m. and 7:00 p.m. eastern. that's all the "money" we have this wek